The Saudi Reinsurance Company (Saudi Re) announced the appointment of the Bahrain Institute for Banking and  Finance (BIBF) to lead the development of the Future Leaders Programme 2023 launched by Saudi Re, to train and employ Saudi graduates with a BA or MA degrees. The programme aims to empower graduates to become among the next generation of leaders in the insurance and reinsurance industry. The programme that runs over the course of a year, offers a rich learning experience led by experts in the insurance sector, with a focus on building a solid foundation of technical knowledge and business skills. The programme is designed to suit bachelor’s and master’s degrees graduates in various disciplines including insurance, actuarial science, risk management, accounting, financial management, engineering, information technology, and law. The Manager of Human Resources and Administration at Saudi Re, Mona Al-Jehani, said: “We aspire to build a strong national talent base that contributes to creating a promising future for the insurance and reinsurance sector through the Future Leaders Programme, which helps trainees to acquire specialised technical knowledge and professional certificates, in addition to developing their practical skills through on-the-job training.” Mona Al Jehani also added: “We build on previous successes with the BIBF to lead the programme and apply the highest level of specialised training competencies in the field of insurance and reinsurance. Manal Mashkoor, Head of the Insurance Centre at the Bahrain Institute of Banking and Finance (BIBF), welcomed this new collaboration with «Saudi Re», saying: “We are pleased to continue our partnership with «Saudi Re» in developing the future human capital of Saudi Re and the Saudi insurance market at large which is achieved through scientific assessment and selection of candidates and provision of international training combined with local best practices. The BIBF is proud to be part of Saudi Re journey into moving from a regional to an international reinsurer. The training programme is designed to strike the right balance between developing technically sound practitioners and giving adequate attention to the equally important interpersonal competencies and skills.”

 The Saudi Reinsurance Company (Saudi Re) has announced the annual financial results ending on 31 December 2022, noting that net profit before Zakat rose to 56.7 million SAR compared to 53.3 million SAR last year, with an increase of 6.4 percent. The Company’s 2022 results also recorded a rise in its sales by 26 percent, reaching 1.4 billion SAR in total written premiums, driven by strong growth in the local market and the Middle East markets.   The results reflected an improvement in the Company’s technical performance, which was represented by the growth in reinsurance operations surplus by 139 percent compared to last year. The investments performance was affected by the rise in interest rates, and the decline in stock market and fixed income performance. The total shareholders’ equity also grew by the end of the period to 1,000 million SAR, compared to 963 million SAR last year, while the company’s technical reserves reached 2.3 billion SAR, exceeding the total assets of 4.2 billion SAR by the end of the year.   In his comment on the Company’s financial results in 2022, Fahad Al-Hesni, the Managing Director and CEO of Saudi Re, said: “The company continued the growth momentum, improved technical performance, and maintained its business diversification, which support the company competitive position and reflects the progress Saudi Re is making towards achieving its strategic goals, and its vision to be among the top 50 global reinsurance companies.”   Al-Hesni explained that 2022 witnessed positive developments that reinforces the company’s growth potential, including obtaining a credit rating upgrade to A- level from S&P, the enforcement of the Inherent Defects Insurance Program, in addition to the introduction of new legislations that aim at improving the reinsurance premium retention in KSA.

تعلن “إعادة” عن استلامها يوم الأحد 15/11/1444هـ الموافق 04/06/2023 م عدم ممانعة البنك المركزي السعودي عبر البريد الإلكتروني على تعيين رئيس مجلس الإدارة ونائبه لدورة مجلس الإدارة التي بدأت بتاريخ 11/05/2023 م وتنتهي بتاريخ 10/50/2026 م وفقا للآتي: أولا: تعيين السيد عبداللطيف الفوزان رئيساً لمجلس الإدارة ثانيا: تعيين السيد  تركي السديري نائباً لرئيس مجلس الإدارة

Saudi Reinsurance Company (Saudi Re) announces to its shareholders the opening of the nomination for membership of the Board of Directors of the company for the next three-year period beginning on 21/10/1444 H corresponding to 11/05/2023 and ending on 23/11/1447 H corresponding to 10/05/2026. for those who have the conditions and qualifications of membership system and in accordance with the conditions, controls and requirements contained in the statutory provisions, especially the Companies Law issued by the Ministry of Commerce, and the Corporate Governance Regulations issued by the Capital Market Authority, the instructions issued by the Saudi Central Bank and the requirements for appointment to leadership positions in financial institutions subject to the supervision of the Saudi Central Bank well as the Corporate governance issued by SAMA, as well as the policy, criteria and procedures for nomination to the Board of Directors of the Company, as well as the regulations applicable to the appointment of directors. Type of Assembly:      New Term Term Start Date:         2023-05-11 Corresponding to 1444-10-21 Term End Date           2026-05-10 Corresponding to 1447-11-23 Number of members 11 Application Start Date: 03/06/1444 H Corresponding to 27/12/2022 Application End Date: 04/07/1444 H Corresponding to 26/01/2023 Applications Submission Method: By hand at Saudi Re’s HQ at the following address:  4130 North Ring Rd, Al Wadi Dist, Riyadh 13313 – 6684, Kingdom Of Saudi Arabia. 2- Via email at: Nomination@saudi-re.com   For any further questions or inquiries, please contact the Investor Relations Department at:   – Phone: +966-11-510-2000 Ext 181   – E-mail: Nomination@saudi-re.com Nomination Criteria and Conditions: Each shareholder shall be entitled to nominate his / herself to the membership of the Board. The candidate has the necessary scientific and practical experience, especially in leading a listed company and specializing in insurance and reinsurance or in the investment sector, in addition to honesty, integrity, sincerity and administrative skills that contribute to strengthening the leadership role of the company. The candidate should not be a member of the board of directors of more than five joint-stock companies listed in the Saudi market The candidate should not have been previously convicted by a judicial ruling or a crime involving moral turpitude or dishonesty. The candidate should not be insolvent or bankrupt. The candidate should not be a member of the board of directors or a member of a sub-committee or hold a leadership position in another Saudi insurance and/or reinsurance company The candidate should not conduct a violation in the financial markets or business The candidate should have scientific and practical experience. The candidate must comply with the provisions of the applicable laws, regulations and instructions. The candidate is committed to allocating enough and appropriate time to carry out his specialization and duties towards membership. The candidate has independence and the ability to make decisions. The nominee has no conflict of interests.. Integration of the candidate’s experiences with the experiences of the rest of the council members. If his candidacy conflicts with the availability of the minimum number of independent members determined by the laws and regulations.   Nomination Requirements:   All forms must be filled in both (PDF-WORD) in order to comply with the statutory requirements, knowing that any application for candidacy that does not complete the following requirements will be excluded:   Completing and signing the nomination form in Arabic and English by the candidate and filling the attached tables, taking into account the periods and times stipulated in the company’s announcement, regulations, regulations, circulars and related decisions. Fill the fit and proper application form in Arabic or English in both Word & PDF format Fill out Disclosure Form No. (3) in Arabic or English in both Word & PDF format The required forms can be obtained in Word & PDF format through the following link: https://saudire.net/investors/governance Attaching the Resume, qualifications, previous and current experience in both Arabic and English. Attach a clear copy of the ID (Passport, National ID, GCC ID, Resident ID), contact information of the candidate, proof of address / national address and e-mail address. A statement of the companies or institutions in which the candidate participates in the management or ownership of the company and conducts business similar to insurance or Re-insurance business or has contracts or common interests with the company in Arabic and English. If the candidate is elected to the Board of Directors, the candidate shall submit the required disclosures in accordance with that the Conflicts Interests Policy of the members of the Board of Directors and the members of the Board Committees. In the case of the interests of the candidate or the representative directly or indirectly with the company, he must provide a detailed statement in addition to any information related to any contract to which the company is a party and the candidate has a fundamental interest or any person related to him or if he participates in an action that would compete with the company in its works.

Saudi Reinsurance Company “Saudi Re” announced obtaining ‘A-‘ long-term issuer credit and insurer financial strength rating and ‘gcAAA’ regional scale rating from S&P Global Ratings, with a stable outlook.   S&P highlighted that Saudi Re has continued to strengthen its competitive position via profitable business growth and diversification in recent years, thanks to local and international expansion. In its report published on 16 December 2022, S&P mentioned that Saudi Re’s exposure to catastrophe and other large risks is relatively modest and the company maintains capital adequacy above the ‘AAA’ level in S&P’s model.   According to S&P, the planned capital increase through a rights issue in early 2023 will further support Saudi Re’s growth plans, and that stable outlook reflects that Saudi Re will maintain excellent capital adequacy and continue to profitably expand and diversify its business over the next two years.   Furthermore, S&P views the governance practices at Saudi Re as effective and appropriate, and also regards the consistency in strategy and management’s expertise and experience as a benefit to the company.   Commenting on the A- rating, Fahad Al-Hesni, Managing Director and CEO of Saudi Re, said “the rating comes as a recognition of Saudi Re progress and will strengthen our competitive position as it unlocks new growth opportunities in the global markets”. Al-Hesni further noted that the strong rating is one of the main requirements for dealing with reinsurers to ensure their financial ability, and that the two A level ratings, A3 from Moody’s and now A- from S&P, further reinforces the confidence of our clients, shareholder, regulators and all stakeholders in Saudi Re and its future.   Al-Hesni also emphasized that credit rating important role in the insurance sector as it reflects the level of solvency and creditworthiness of reinsurers and their ability to pay claims and to meet obligations toward customers and creditors. Credit rating also supports investors’ decisions by assessing the company’s financial performance and strategic approach, as well as risk management, and governance.

Saudi Reinsurance Company (Saudi Re) announced that Moody’s Investors Service, a global credit rating agency, has affirmed its A3 Insurance Financial Strength Rating (IFSR) and A1.sa national scale IFSR with a Stable Outlook. In a statement to the Saudi Exchange (Tadawul), Saudi Re said that the ratings confirm its strong brand and market position in Saudi Arabia as the sole Saudi professional reinsurer, as well as a growing presence in its target markets of Asia, Africa and Lloyd’s. It further affirms Saudi Re’s preferential position in the Kingdom due to a right of first refusal on a portion of premiums ceded by primary carriers in the Saudi market, strong asset quality exemplified by its conservative investment portfolio, good capital adequacy in terms of capital levels and relatively modest exposure to natural catastrophe risk. The ratings also reflect Saudi Re’s strong financial flexibility with non-existent leverage and good access to local capital markets, given its listing on the Saudi stock exchange and a broad investor base.  Saudi Re has initiated the process of increasing its capital by up to SAR 445.5 million ($119 million) to strengthen its capital base. The expected enlarged capital base provides a platform to enhance its market position in the broader Middle East region by providing additional capacity to support insurance market growth in Saudi Arabia and pursue further international expansion opportunities to diversify its business in line with its strategic plan.  Moreover, the forward-looking capital increase to support expected future growth highlights Saudi Re’s financial strategy, risk management, and strong overall governance.  Fahad Al-Hesni, Managing Director and Chief Executive Officer (CEO) of Saudi Reinsurance Company, commented: “The rating affirmation by Moody’s reflects Saudi Re’s strong brand and market position in domestic and international reinsurance markets. The rating reflects our strong asset quality, good capital adequacy and robust financial flexibility.”